Innovative Eyewear Stock Continues To Surge: What's Going On?

Innovative Eyewear Inc LUCY shares are volatile Thursday after more than doubling during Wednesday’s trading session. Here’s a look at what’s going on.

What To Know: Innovative Eyewear stock soared more than 100% on Wednesday after the company announced the launch of its Eddie Bauer Smart Eyewear collection, which includes voice access to OpenAI’s ChatGPT.

“By introducing the first-ever rimless smart eyewear, we believe we are not only elevating style but also redefining the possibilities of wearable technology,” said Harrison Gross, CEO of Innovative Eyewear.

“We believe this is our most premium product to-date, with a combination of high-end finishes, tried and true frame contours and powerful tech accessories to deliver a smartglass experience like no other.”

The Eddie Bauer Smart Eyewear collection is the world’s first rimless smart eyewear design. It’s available online and is expected to soon be available through various retail channels.

After the market close on Wednesday, Innovative Eyewear announced the closing of its previously announced at-the-market registered direct offering of 5.26 million shares at a price of $0.475 per share. The company noted that it also issued unregistered warrants to purchase up to 5.26 million shares at the same price.

The gross proceeds from the offering were approximately $2.5 million. Innovative Eyewear said it currently intends to use the net proceeds for working capital and general corporate purposes.

Innovative Eyewear’s average session volume over the last 100 days is approximately 25.8 million, according to Benzinga Pro. Thursday’s trading volume has already exceeded 30 million at the time of writing.

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LUCY Price Action: Innovative Eyewear shares were down more than 12% in premarket trading before bouncing back at the open. The stock was up 17% at $1.11 at the time of publication, per Benzinga Pro.

Photo: 3844328 from Pixabay.